Eastman Kodak has secured commitments for nearly $1 billion in exit financing from J.P. Morgan,
Bank of America Merrill Lynch, and
Barclays, in a deal that would repay the company’s junior and senior DIP lenders in full, and provide working capital following its emergence from Chapter 11.

Kodak said it had spent the past seven weeks with Lazard, its financial advisor, seeking financing on terms that were superior to the existing rollover term loan provided by its DIP lenders, which would have allowed the company to convert up to $644 million of its DIP into exit financing.

Kodak filed a motion with the U.S. Bankruptcy Court in Manhattan this morning seeking a June 25 hearing to approve its financing syndication documents and fees and expenses under the facilities. The company said it would seek court approval of the facilities themselves at the Aug. 9 confirmation hearing on its proposed reorganization plan.

J.P. Morgan, Barclays and BAML will serve as joint lead arrangers for a $420 million, six-year secured first-lien term loan and a $275 million, seven-year secured second-lien term loan. Pricing of the facilities has been redacted in court documents, but Kodak is asking the court to approve about $21.8 million in fees related to the financing, as well as all “reasonable” expenses. After closing, the first-lien TL may be increased by up to $50 million.

JPM, Barclays and BAML will also arrange a $200 million asset-backed loan, which may be increased after closing by up to $50 million, in two $25 million increments. Pricing on the ABL is redacted, but Kodak agreed to pay about $3.5 million in commitment fees and to reimburse arranger expenses up to $400,000.